June 12, 2020 / 10:24 AM / 25 days ago

EMERGING MARKETS-Southeast Asia shares off lows as U.S. futures rise, virus fears remain

 (.)
    * Indonesia's rupiah regains ground after c.bank
intervention
    * Thai shares end four weeks of gains 
    * U.S. stock futures up between 1.5% to 2.2%  

    June 12 (Reuters) - Stock markets in Southeast Asia
recovered from their session lows on Friday as U.S. futures
rose, but fears of a new wave of coronavirus infections dampened
hopes of a global economic recovery as countries emerge from
their lockdowns.
    Singapore and Kuala Lampur both ended 0.7%
lower, rallying well off lows after losing more than 3% earlier.
    Asian markets had taken their early bearish leads from Wall
Street, where the three major U.S. stock indexes fell more than
5% on Thursday, posting their worst day since mid-March.
    "Certainly not going to judge it today as it's Friday and
the markets will try to settle in around current ranges and take
a pause to reassess next week," Stephen Innes, the chief global
markets strategist at AxiCorp said.
    Among emerging market currencies, Indonesia's rupiah
faced the brunt of the sell-off, ending 0.7% weaker against the
dollar in a week that saw it drop 1.4% as the number of domestic
coronavirus infections spiked to around a 1,000 a day.

    The currency did regain some ground from a 1.5% drop earlier
after the central bank intervened in the spot and domestic
non-deliverable forward markets. 
    In Jakarta, equity markets ended higher after losing
as much as 2.9% earlier. It marked the first weekly loss in
three, a sign that the recent rally may have been overdone.
    A central bank survey on Friday showed consumer confidence
tumbling to its lowest in 15 years in May. 
    Thai shares plunged 3.7% over the week, ending a
four-week winning run even as the country plans to lift a
national curfew and ease restrictions further next week after
largely bringing local infections under control.
    But with tourism a big contributor to growth and with bars
to remain closed, there still remains some way to go. The baht
 fell 0.2% to 30.98 per dollar. 
    Like China and much of the developed world, Southeast Asian
countries have been steadily easing lockdown measures that have
hammered their economies and are hoping for a swift reboot in
the weeks ahead.
    Philippine financial markets were closed for a public
holiday.    
        Change on the day at   0945 GMT             
 COUNTRY      FX DAILY %  FX YTD %  STOCKS DAILY %  STOCKS YTD %
 Japan        -0.56       +1.08     -0.75           -5.71
 China        -0.18       -1.60     -0.04           -4.27
 India        -0.08       -5.88     0.50            -18.22
 Indonesia    -0.71       -1.21     0.53            -22.53
 Malaysia     -0.42       -4.13     -0.72           -2.69
 S.Korea      -0.61       -3.94     -2.04           -2.97
 Singapore    +0.24       -3.25     -0.72           -16.70
 Taiwan       -0.10       +1.16     -0.92           -4.73
 Thailand     -0.16       -3.45     -1.02           -12.49
 
 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by
Simon Cameron-Moore)
  
Nuestros Estándares:Los principios Thomson Reuters
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